WAVE continues discussion of its financial future

(photo: WWAY)

WILMINGTON, NC (WWAY) — The new leaders of Wave Public Transit are still trying to figure out what their financial future looks like.

New Hanover County has called in help from TransPro, a firm that will help rebuild Wave’s financial system.

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At Thursday’s board meeting the board discussed using the $700,000 loaned from the city and county to make sure their budget is balanced for the current fiscal year.

Board Chairman Chris Coudriet says the budget act requires the transit system to end the year balanced.

“You cannot adopt a budget that has more money coming in than you otherwise expect to spend,” Coudriet said. “Nor can you adopt a budget that doesn’t have enough revenue to meet your operating expenses.”

He says the money from the city and county should get them through the rest of this year, what does that mean for service hours?

“The routes as they run today. The frequency, the time of day, the days of the week. There will be no changes to that,” he said.

But as discussions continue with TransPro, changes to services are still on the table.

“To say that there won’t be modifications to routes next year I think would be unfair and not wise on our part right now,” Coudriet said. “In an ideal world the system as it operates today..again, days, frequency, the times of the day would be what is in place for next year but I don’t think we can commit to that just yet.”

Some of the things TransPro is looking at for improvements is HR, contracts, and the finance department. They hope to bring their final recommendations for change to the board at the April meeting.